A report in Us Weekly magazine on Wednesday claimed Kerr's three-year contract worth $1 million was not renewed. The magazine cited an unnamed source that claimed the 29-year-old Australian model had "a difficult reputation" and "was not a big seller" for Victoria's Secret.

"The Victoria's Secret brand is bigger than any of the individual models' brands," said Abbey Klaasen, editor of Ad Age. "That is why Victoria's Secret can get away with recycling models every few years."

Ed Razek, president and chief marketing officer for Victoria's Secret, addressed the reports in a statement to ABC News.

"Miranda Kerr is one of the best models in the history of the business - and easily one of the most popular. She is also a consummate professional. Any rumors to the contrary are simply untrue," he said. "While her international commitments have kept her away from us more than we'd like over the past few years, she will always be an Angel to me."

Razek said that Victoria's Secret has, "no plans to stop working with her," and that Kerr has already agreed to walk in the company's famous fashion show this year.

A publicist for Kerr confirmed the statement from Razek but declined to elaborate.

In addition to her modeling career, Kerr has her own makeup line and was last year chosen as an ambassador for Qantas airlines.

She is a certified nutritionist and health food enthusiast.

Cynthia Bailey, a "Real Housewives of Atlanta" cast member and founder of the Bailey Agency School of Fashion in Atlanta, says that while having a contract with Victoria's Secret is a "huge accomplishment" in the fashion industry, it's not uncommon for models to move on to other things, as both Tyra Banks and Heidi Klum have done before.

"All these other brands and companies come after them and they just kind of forget the first person that put them on," Bailey said. "At the end of the day it's not personal. It's business."

Kerr and her husband, actor Orlando Bloom, have a 2-year-old son, Flynn.